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Regulation of Hedge Funds and Private Equity in the Light of the Global Financial Crisis
Šinka, Michal ; Teplý, Petr (advisor) ; Buzková, Petra (referee)
The aim of the thesis is to analyse the non-bank regulatory framework with particular attention devoted to hedge funds and private equity funds. The thesis describes functioning of the funds, discusses their performance during the global financial crisis of 2007-present and, predominantly, describes and analyses the EU and U.S. regulatory reforms with respect to these institutions which have arisen as a response to the crisis. Based on the analysis of the measures incorporated in these reforms, the thesis outlines its own proposal of an alternative investment fund regulatory framework which, if applied, would lead to a more efficient functioning of the alternative investment industry than what is likely to be the outcome of the already adopted reforms. The nature of the thesis is institutional; its methodology is characterized by a broad literature survey. Hedge funds and private equity funds are considered both in pre-crisis context as well as in circumstances that have been brought about by the crisis. Several hypotheses concerning systemic risk and the approach of the regulatory reforms to it are assessed. Mostly qualitative analysis is employed to evaluate the hypotheses.
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Effect of regulation on OTC derivatives in G-SIBS in the USA in 2010-2015
Zajíčková, Tereza ; Jílek, Josef (advisor) ; Munzi, Tomáš (referee)
Institutions from the G-SIBs category have been under greater scrutiny not just by regulatory authorities since the beginning of the financial crisis in 2008. Insufficient regulation in OTC derivatives combined with moral hazard expressed in the highly speculative behaviour by G-SIBs were major factors contributing to the development of the financial crisis. The regulatory bodies in the USA responded to the situation by adopting the Dodd-Frank ACT with the aim to introduce additional rules for the market with OTC derivatives and regulate the activities of G-SIBs significantly. The paper analyses selected indicators related to the OTC derivative exposure and the overall financial condition of the selected G-SIBs. The thesis analyses the development of the monitored indicators following the implementation of the DFA to confirm that the risk arising from speculative derivative deals by G-SIBs was reduced, the financial condition of the selected institutions was strengthened, and the systemic risk was thus suppressed during the period 2010-2015.
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Economic capital management of top-ranked world banks
Vejdovec, Ondřej ; Teplý, Petr (advisor) ; Baruník, Jozef (referee)
The thesis is focused on economic capital management of top-ranked world banks. A basic theoretical framework is summarised at the beginning. The theoretical framework is then utilised in the main - empirical part. Since economic capital is not a figure commonly reported in any available database, we have created our own database based on annual reports of top fifty world banks of the year 2008. Based on this database we provide an extensive empirical study focused on years 2007-2010. Even though one third of the banks disclose economic capital only, thanks to our approach combining both quantitative and qualitative analysis we were able to study the topic in detail. Within quantitative part the development of economic capital and its allocation is studied, the differences between regulatory and economic capital in time is measured, a relationship between quality of economic capital disclosure and rating is searched for and relationship between the value of economic capital and changes in profits during financial crisis is studied. The qualitative part consists of case studies of fourteen banks. It is focused on special and unique features of economic capital management of individual financial institutions.
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Regulation of Hedge Funds and Private Equity in the Light of the Global Financial Crisis
Šinka, Michal ; Teplý, Petr (advisor) ; Buzková, Petra (referee)
The aim of the thesis is to analyse the non-bank regulatory framework with particular attention devoted to hedge funds and private equity funds. The thesis describes functioning of the funds, discusses their performance during the global financial crisis of 2007-present and, predominantly, describes and analyses the EU and U.S. regulatory reforms with respect to these institutions which have arisen as a response to the crisis. Based on the analysis of the measures incorporated in these reforms, the thesis outlines its own proposal of an alternative investment fund regulatory framework which, if applied, would lead to a more efficient functioning of the alternative investment industry than what is likely to be the outcome of the already adopted reforms. The nature of the thesis is institutional; its methodology is characterized by a broad literature survey. Hedge funds and private equity funds are considered both in pre-crisis context as well as in circumstances that have been brought about by the crisis. Several hypotheses concerning systemic risk and the approach of the regulatory reforms to it are assessed. Mostly qualitative analysis is employed to evaluate the hypotheses.
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Analysis of the development of the hedge fund regulation
Galíková, Kateřina ; Musílek, Petr (advisor) ; Cibulka, Jakub (referee)
The aim of this diploma thesis is to assess the post-crisis development of the hedge fund regulation both in the EU and in the United States as well as to outline the regulátory trends in this area. The fist part of the thesis is dedicated to the explanation of the term hedge fund by comparing it with a mutual fund, venture capital fund and a private equity fund. In the second part of the thesis I captured an overview of hedge fund strategies and their classification. The third chapter deals with various possible regulatory approaches including their impact. In this part I also describe in detail the development of the hedge fund regulation in the United States since the thirties of the last centure up to now. Part of the thesis dedicated to the EU focuses on understanding the requirements set by Alternative Investment Fund Directive and its implementation in the individual national legislations. Finally, a comparison of the individual requirements is provided and supplemented with my own findings.
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Application of macroprudential policy in the US
Husarčík, Marek ; Blahová, Naděžda (advisor) ; Pour, Jiří (referee)
The master thesis deals with macroprudential policy and its application in the US. The thesis is mainly focused on the large reform of the financial market in the US known as Dodd-Frank Wall Street Reform and Consumer Protection Act. The main objective of the thesis is to analyse the impact of this act on the financial market in the US. The thesis is divided into four chapters, which are logically connected. The first chapter describes the institutional structure of the regulation and supervision over the financial market in the US, with the emphasis on the organisational structure of FED. The second chapter deals with macroprudential policy from the theoretical point of view with the focus on the tools of the policy and its interaction with other policies. It also covers the incentives which lead into putting this policy into practice. The third chapter focuses on the causes of the financial crisis and particularly on the response to the crisis in the form of Dodd-Frank Act. The final chapter analyses the impact of particular measures contained in Dodd-Frank Act on the US financial market. Analysing this the thesis concludes whether these measure were successful from the perspective of objectives that Dodd-Frank Act wanted to meet.
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Comparison of regulation and supervision of financial systems in the US and the EU
Prada, Stanislav ; Blahová, Naděžda (advisor) ; Marková, Jana (referee)
The master thesis deals with the issue of the development of regulation and supervision of the financial systems in the US and the EU. The thesis is primarily focused on the regulatory and supervisory bodies and the area of capital adequacy in both, the US and the EU and changes in these areas in response to the global financial crisis. In order to meet the theses objectives the thesis is divided into three chapters, which are logically and chronologically connected. The first chapter covers the period before the financial crisis. This chapter analyzes American and European system of regulation and supervision in the period before the crisis, as well as Basel I and Basel II and the reaction of the US and the EU on these agreements. The second chapter focuses on the period of the financial crisis. Chapter analyzes the causes that led to this crisis and also its actual progress. Next section of the second chapter analyzes the US and the EU response to the crisis and the steps which the US and the EU have taken in an effort to save their financial systems. The last chapter covers the post-crisis period. This chapter is devoted mainly to the new concept Basel III and its implementation in the US and the EU. The conclusion of the thesis will be devoted to an overall summary and to comparison of obtained information.
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Financial markets regulation
Pokorný, Tomáš ; Ježek, Tomáš (advisor) ; Zajíček, Miroslav (referee)
The financial markets have undergone a very dramatic evolution in the last 100 years. Multiple attempts to regulate the evolution were part of the development. They reacted mostly on economic crises, whether on the capital market or in the banking sector. This thesis describes the developments in the US and European financial markets. Most important part of the thesis contains an analysis of the causes, course of action and impacts of the financial crisis, it evaluates current crisis in the terms of functionality of the financial crisis regulation system as well as suggestions and discussions how tho improve regulation in the USA and the European Union.
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On the Transparency Road, with the Handbrake Engaged (European Transparency Initiative in Natural Resources)
Helwig, Daniel ; Druláková, Radka (advisor) ; Hnát, Pavel (referee)
The study at hand aims at understanding the "twisted fate" of the EU's initiative to provide transparency of payments in oil, gas, and mining deals. The European Commission in October 2011 followed the lead of the US Dodd-Frank Act in establishing strict disclosure requirements for businesses in the extractive industries. Its initiative demanded annual reporting of any payments made by such enterprises to public authorities of commodity exporting countries, in order to mitigate corruption of public officials via transparency of payments. Praised by NGOs, the initiative was heavily opposed by the German government and experienced efforts by the very same to water its efficacy down. Germany's uncompromising position prolonged the search for an agreement between Council of Ministers and European Parliament until April 2013. It is hypothesized that the German opposition originates in highly effective interest representation of influential domestic actors, dismissive of a tight transparency regime. To validate this, Moravcsik's Liberal Intergovernmentalism is the theoretical framework of choice. At its core lies a genuine two-step of domestic societal actors, upgrading their particular interests to "national preferences" and the subsequent agency of their governments in rational bargaining with others. However, in order for this to apply in European everyday politics, theoretical amendments have to be made. Namely, the originally disregarded influence of supranational institutions as well as a shift of bargaining arenas has to be sufficiently respected by the theoretical frame.
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Finacial crisis causes and some of the instituonal answers
Rys, David ; Koderová, Jitka (advisor) ; Kučera, Lukáš (referee)
This master thesis deals with causes and some of the main instituonal answers to the financial crisis of 2007-2009. The thesis also ppresents a brief historical overview of US financial crisis. The main aim of the first chapter is to decide whether the US historical crisis have something in common. The answer is that the past crisis really share something and the difference is rather in historical circumstances. The second chapter is dedicated to some of the financial crisis causes such as Community Reinvestment Act,Gramm Leach Bliley Act, Commodity Futures Modernization Act and also to the role of moral hazard. This thesis is of a firm belief that the only aspect that can be blamed is the phenomenon of moral hazard. The last chapter is focused on the main instituonal answers to the crisis. Dodd-Frank Act, Volcker rule, reorganization of derivative market, some of the changes in rating agencies regulation and also BASEL III consequences for capital requirements are all under the radar.
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